One of the largest Danish Banks draws first blood in the Nordic PSD2 game. The third largest bank Jyske Bank in Denmark went live with account aggregation for all their personal banking customers yesterday.
The solution enables banks customers to get a complete financial overview of their accounts and later also simple digital loan processes and onboarding.
“There is a huge opportunity for us in partnerships with other players, who already build powerful solutions. Our priority is to enable our customers with the best solutions out there” , says Peter Schleidt, member of the executive board, Jyske Bank
The solution was built on top of a technology provided by danish fintech Spiir. Nordic API Gateway is a API service that connects with any Nordic bank and gives third parties a blazingly fast way of executing PSD2 projects now. Jyske Bank took only 3 months from initial meetings to live solution.
“We engaged with Spiir in march this year. It is interesting, that we are able to launch our service to our customers less than 3 months later. It shows how fast execution and innovation can happen, when you do it through clever partnerships” , says Peter Schleidt, member of the executive board in Jyske Bank
The time of innovation is now
Spiir has recently received a 3.3m euro investment from Danske Bank who is also using the gateway in all nordic markets and soon launching in Sweden and Finland. The goal is to build an open infrastructure allowing everyone to innovate on behalf of consumers now.
“It is important to help both big enterprises and startups to innovate now. The opening of the European financial markets in terms of letting customers set their data in play for own benefit requires companies to build the best solutions now and very fast in order to learn quickly. We are extremely proud to be giving exactly that opportunity to a bank like Jyske bank now” , says Rune Mai
Online and digital maturity of Nordic consumers combined with Nordic banks’ focus on the positive impact of PSD2, positions the Nordic countries as the place where PSD2 initially will play out fast and with highest impact
“With our new technology Nordic API Gateway we help giving consumers the choice of how to use their data to their own benefit and at the same time letting banks, retailers, fintechs and others build completely new kinds of services that focus on helping their customers through technology and data.”, adds Rune mai
Jyske Bank will use this to help their customers better and offer them a better financial overview but also further down the road give customers access to loans quickly and digitally. By being the first of its kind in Denmark they also hope to attract new customers that sees the benefits of more open and holistic services.
Spiir is moving fast to onboard other clients on Nordic API Gateway and already have many interesting international and local companies in line.
“We believe that an infrastructure like this is build by closing contracts – one at a time, and by giving every company that uses our services the fastest execution time possible in order to have them launch and learn now. This way we can stay super competitive in the Nordics once PSD2 opens up the markets for everyone to enter” , says Rune Mai
Everyone can access a safe sandbox to play with the Nordic API Gateway today.